loader image

Xero and electronic payment processing options (PayPal, Stripe, IntegraPay, Square, Plooto)

by May 2, 2019Blog, Guides0 comments

Xero and electronic payment processing options

For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is). All of the payment processors below will work with Xero to varying degrees and only IntegraPay offers a solid balance between easy to use, price, and functionality.

Stripe – International payment processing company that uses Wells Fargo as a gateway. Stripe is easy to use, sync’s with Xero, and works best when invoices are sent out and expected to be paid through the “Pay Now” button via credit card or ACH. Stripe offers the standard next day deposit on debit/credit collections at the standard rate of about 3% fee. ACH transactions take 5 business days and cost a maximum of $5 per ACH. No monthly fees and easy to set up. A major drawback is the inability to schedule payments based on dates and a little goofy to customize some other functions.

Paypal – We recommend getting a PayPal that is linked to your business account and only using it as a last resort. PayPal does not work well with any accounting platforms and has terrible website navigation. Have it, but as a last resort. Other than Stripe, best for international transactions.

Square – Best for retail point of sale or Ecommerce checkouts. Square does not play well with any accounting platforms, although they do offer better rates and cheap credit card processing hardware. The company’s CEO is tied very closely with the platform and its survival might depend on the CEO being replaced. No monthly fees for invoicing and payment processing, but lacks substantial and useful integrations with other software. Square is currently losing its market dominance due to the lack of development and integrations with other software.

IntegraPay – Our favorite and most recommended payment processing platform. The monthly fee is low (under $50) and the ACH transaction cost is $0.65 per transaction. Credit/debit processing costs are comparable to Stripe and Square. IntegraPay integrates fully with Xero and offers a solid, simple subscription/retainer payment process. IntegraPay does require a credit check and they may place some restrictions on the transaction dollar amounts or deposit window. However, the best part of IntegraPay is that the payments are deposited as gross amounts and fees are collected monthly at the end of the month, which is why there is a credit check. If your customers/clients will accept the ACH payment offering, IntegraPay excels at ACH processing and makes it easy for everyone involved. If you have a mix of credit and ACH payments, IntegraPay will cost about 40-60% less in fees than Stripe.

Other options are Plooto, Bill.com, and Authorize.net. Of those three, Bill.com is an amazing platform at a little higher cost but does not really make sense to use for invoicing only. If your company was going to have a lot of bills to pay and overhead costs to manage, then Bill.com would be the best choice. Something to consider as your company grows and you have an employee or two.

MORE ARTICLES FROM OUR BLOG

A mid year tax checkup with GP CPA

A mid year tax checkup with GP CPAJul 11, 2018Estimated Reading Time: 1 minutes 48 seconds July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!). GP CPA looks forward to July, not only for vacations...

TCJA Allows Bonus Depreciation on Purchase of Leased Vehicle

TCJA Allows Bonus Depreciation on Purchase of Leased VehicleBefore the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed. The TCJA made two changes...

What the Section 199A is about in new Tax Cuts and Jobs Act tax reform

Dear Landlords & Real Estate Titans: The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business. As the law...

Changes at GP CPA

This has been a busy year for all of us! Gary M Prusiensky, CPA, P.C. aka GMP CPA had a Google problem. We have changed the name of our firm to GP CPA, P.C. effective March 2019. “Gary M Prusiensky, CPA, P.C.” and “GMP CPA” had a substantial overlap on Google search...

Meet Michael R. Acosta, CFP® (Certified Financial Planner)

A CFP® is a CERTIFIED FINANCIAL PLANNER professional that focuses on taking a holistic approach to goals-based planning.

Moving at the speed of business

Moving at the speed of business

GP CPA has relied on cloud-based accounting technology for many years now and devotes a significant amount of time toward testing and learning the latest and greatest systems out there.

Dear Client, I have good news!

Dear Client, I have good news!

Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.

Backdoor Roth IRA Opportunities Still Available After TCJA
GP CPA Client's Letter - May 2019
How would like to contact us?